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Scan QR code payment is so convenient, why are credit cards still used in Western countries?

Scan QR code payment can be seen everywhere in China, but it is not popular abroad.

In China, as small as bun shops and breakfast stalls, as large as supermarkets, shopping malls, and even buses, subways, and shared bicycles, there are almost no places where codes cannot be scanned, which is very convenient. However, developed countries in Europe and the United States are still using traditional credit cards, and one credit card takes the world. The question is, why is the European and American countries so developed in finance, but still using bank cards, but “scan code payment” is not popular? There are actually several reasons.


First, credit cards in European and American countries have been used for decades, and the penetration rate is very high.

The credit card penetration rate in the United States is around 60%, and the older people use credit cards, the higher the proportion of people who often do not choose mobile payments. However, the penetration rate of credit cards in China is not high. In 2010, the average number of credit cards in China was 0.17, and in 2017 there were only 0.44 (including one person holding multiple cards). Moreover, it is mainly young people who use credit cards. Mobile payment is here, and it is logical for young people to switch to mobile payment.

People in developed countries have used credit cards to pay for decades, and their habits are hard to change. There are also mobile payment platforms in Europe and the United States, and PayPal is similar to China’s Alipay. You can also bind a credit card, but not many people use it. The United States is a credit society. When applying for loans, the use of credit cards is an important aspect of investigation, which also promotes the use of credit cards by Americans.

Second, the European and American credit card systems have been in operation for decades and are reliable and convenient to use.

It is very convenient to apply for a credit card in the United States. It takes a minute to fill out the form online, enter your name, social security number, and annual income, and then the application is approved instantly. The limit is 10,000 US dollars, and you will get points if you spend 1,000 in the first three months (1,000 rebate 250), and the credit card will be mailed home a week later. In case of theft, just call the bank. The bank is responsible for solving the follow-up problems and assumes all responsibilities. In China, if a credit card is stolen, it may be troublesome to deal with.

Moreover, mobile networks in Europe and the United States are not as developed as China.

China’s mobile network coverage is more comprehensive, and there are networks down to counties and towns. In addition, China’s Alipay and WeChat have a very high penetration rate, so China can make a mobile phone go all over the world. What’s more, European and American banking and capital groups should not allow platforms such as WeChat and Alipay to exist monopolistically, which will affect the interests of the banking industry itself. In any case, in the field of mobile payment, China is indeed at the forefront of the world.

That’s it for today’s sharing. If you want to learn more about card manufacturing, continue to follow us!


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